Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1887-07-07
GOULD SAVED HIM.

The Sequel to the Fall in Manhattan Ele-
waited Railroad Stock-Cyrus w. Field
Would Have Been q Financial Wreck bur
for the Timely Interpolation of Jay
Gould-He is Still Safe From the Poor
House.
NEW YORK, July 1.-Cyrus W. Field
turned over the remainder of his Elevated
stock to Jay Gould Wednesday. The
amount was 10000 shares, which, with the
$1,000 shares previously disposed of by
Mr.. Field to Mr.. Gould, shows the form
er's total holding to have been 10000
shares. The value OF MIR. Fields big
block Of stock at 100, which was the
market value before the downward
movement began, was s11,209, 900. He
now has no interest in Manhattan, and
will retire from the board of directors.
Mr.. Gould will keep the first lot of $4,000
shares TO add to his own holdings, making
his total interest III the stock of the COM
pany about SO, 10000 The second lot of
$4,000 shares he will split up.
The CORES pondent has the whole story
of Mr.. Fields retirement from good au
thority. 1t was enforced. He was car
rying his monstrous load on margins.
He had borrowed money from nearly
every trust company in the street, on
the stock as fast he acquired it, in order
to buy more. He finally cornered the
stock and ran the price up to 10. The
fate of his corner was, however. the fate
of very nearly all corners. Disaster
overlook him. After the collapse of the
coffee and wheat corners and the break
ing of the Fidelity Bank, the
trust companies and other mon
ey lenders grew distrustful and
began TO call their loans. The market
began to shrink and M. Field did not
margin down his stock any lower, as ho
had no collateral on which to raise money.
1t was then that he and his son Ell
ward went to Mr.. Gould's house at Irving
ton. Mr.. Field told Mr.. Gould the posi-
ton he was in. He could no longer carry
his load. Mr.. Gould was satisfied of Mr..
Fields solvency if given relief from his
Elevated stock burden, and agreed to
take the amount offered, o,ooo
shares, at the price it averaged
Mr.. Gould came to New York the next
morning to procure the money and COM
plete the transaction. 1t turned out, how
ever, that Mr.. Field was still unable to
extricate himself, and again he
| went to Mr.. Gould and asked the latter to
| take the rest of the stock. Mr.. Gould
agreed to do so and furnished the money
to margin it down. In the
early part of the day Mr..
F1el0 S lace naQ 1nQicaLe0 great moutts'
distress. After the deal with Mr. Gould
was consummated he was in excellent
spirits. The disposition of the stock had
saved him from perhaps complete hnau'
cial ruin. Mr.. Field, despite his grea,
loss in Manhattan, is still wealthy man.
His fortune is estimated at 81, 00),0OO. he
saves all his real estate, and the United
States Bank, in which he has the con troll
ing interest, is relieved from any embar'
rassment to w hich It might have been sub
jected. The Washington building cost 81,
c0) 600, and there is a mortgage of 81, Ouo,-
0Oo on it. Mr.. Field has an extensive prop
ertv on the Hudson. He has. in addition, the
lNt.n and Express Mr.. Field is now sixty.
seven years old. He is too far along IN
years to regain his position as leader
in the financial world. He has always
been proud of the fact that his name L.
historical as promoter Of the Atlantic
cable and Elevated railroad system In
New York.
Russell Sage was asked last night
| if the statement of Mr.. Field
complete retirement from the Elevated
| was correct, and he replied that it
! was Mr.. Field had disposed Of all his
stock Mr.. Sage did not care to name the
price of the stock, that was a matter be
tween Mr. Gould and Mr.. Field. 1t was
ascertained that Drexel, Morgan q Co
and S. Wormser, T. w. Persall & Co. and
S. V White & Co. were among the houses
which were carrying Manhattan stock for
Mr.. Fold. Mr.. Fields loss on Elevated
stock. it is estimated, will reach 50,
| 500, 900.